2921 N 26th St · Milwaukee, WI 53206

$124,900

3 bd · 2.0 ba · 1,699 sqft · MultiFamily public records · 28 Days on market

Built 1907 3,920 sqft lot

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +18.8/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +4.9/10.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

You'll love this spacious updated 4 bed 2 full bath affordably priced bungalow. Duplex conversion into a single family. This home features a large kitchen and formal dining room. New paint, flooring, updated baths, New water heater, and furnace. Main level offers 2 generous sized bedrooms. You'll find 2 more bedrooms upstairs and 2 bonus rooms. Large fully fenced backyard and 3 car parking completes this home. Come out and take a look today!

Key facts

• Close to restaurants
• Off street parking
• Close to shops

Tags

• MOVE IN READY
• ZONED AS DUPLEX
• PARTIALLY FENCED YARD
• OFF STREET PARKING
• CLOSE TO RESTAURANTS
• CLOSE TO SHOPS

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Single-family 1.5-story home; Less than 1/2 acre lot (approx. 0.09 acre); Zoned RT4
• Construction: Vinyl siding
• Exterior features: Vinyl exterior; Sidewalks

Interior

• Kitchen: Oven; Refrigerator
• Bedrooms: Primary bedroom on the upper level (approx. 14 x 12); Second bedroom on the upper level (approx. 12 x 12); Third bedroom on the main level (approx. 12 x 12); Fourth bedroom on the main level (approx. 12 x 10)
• Flooring: Wood floors
• Bathrooms: One full bathroom with shower over tub; One half bathroom; Tub only in at least one bath
• Heating & cooling: Forced-air heating; Natural gas heat
• Interior features: Walk-in closets; Skylights; Cable/Satellite available; High-speed internet available; Wood floors; Full basement
• Laundry & utility: Basement utility space

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $125 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (0.6% below list).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 5.1% in Milwaukee — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 81/100 on livability (#55 in WI, #1,534 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+, schools F, crime F.
• Milwaukee School District (urban): math 10% / reading 18% proficiency, ranked #337 of 342 in WI (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.3%/yr); 150 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $1,242/mo this rent would consume 51% of the median local household income ($29k/yr) (locally 2061% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $13k of equity ($864 loan paydown + $12k appreciation (10.0% local appreciation)).
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $46k; list at $125k implies a 169% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,026 (1.5% below list)

Questions for the listing agent

1. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.99% ✗
• Cap rate: 7.50%
• Cash-on-cash: 4.30%
• DSCR: 1.19
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $69,659
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2972 N 28th St	0.13mi	4/2.0 (+1)	1,757 (+3%)	0mo	$141,806	$81	83
3220 N 24th Pl Unit 3220A	0.41mi	3/2.0	1,626 (-4%)	1mo	$65,000	$40	73
2847 N 26th St	0.09mi	4/2.0 (+1)	1,863 (+10%)	2mo	$70,000	$38	73
2638 N 22nd St	0.49mi	4/2.0 (+1)	1,687 (-1%)	3mo	$55,000	$33	69
3233 W Auer Ave	0.54mi	4/2.0 (+1)	1,657 (-2%)	1mo	$78,500	$47	64
2848 N 19th St	0.50mi	4/2.0 (+1)	1,650 (-3%)	3mo	$60,000	$36	64
3258 N 23rd St Unit 3258A	0.50mi	3/2.0	1,836 (+8%)	6mo	$24,000	$13	58
3260 N 34th St Unit 3260A	0.65mi	4/2.0 (+1)	1,776 (+4%)	2mo	$86,000	$48	55
3259 N 35th St	0.71mi	4/2.0 (+1)	1,773 (+4%)	3mo	$185,000	$104	52
2873 N 34th St #2875	0.51mi	4/2.0 (+1)	1,888 (+11%)	1mo	$108,500	$57	52
2450 W Keefe Ave #2452	0.75mi	3/2.0	1,831 (+8%)	1mo	$35,000	$19	51
2571 N 34th St	0.67mi	4/2.0 (+1)	1,868 (+10%)	5mo	$77,000	$41	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 29.3%
• Equity multiple: 3.36×
• Total profit: $82,583
• Equity at exit: $112,520

10-year hold

• IRR: 27.0%
• Equity multiple: 8.24×
• Total profit: $253,205
• Equity at exit: $242,653

Cash invested: $34,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Wisconsin: 73 Landlord-Friendly · R+2
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; Madison / Milwaukee have some local enforcement.

Methodology + full state rankings →

ZIP-level market 53206

• Rents YoY: 8.3%
• Active inventory: 150
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,242 high
• Mortgage (P&I): −$655
• Tax from tax record: −$149 /mo · $1,786/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $125

Break-even live

Break-even rent $1,083

Max offer price $124,900

Occupancy floor 85%

Sensitivity live

Price	-10% $196	-5% $161	+0% $125	+5% $90	+10% $55
Rent	-10% $27	-5% $76	+0% $125	+5% $174	+10% $223
Rate	-1.0pp $188	-0.5pp $157	base $125	+0.5pp $93	+1.0pp $60

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2870 N 29th St #2872 Milwaukee, WI	3.0	1.0	1300	$1,250	$0.96	44d	1	0.18mi
2765 N 26th St Unit 1 Milwaukee, WI	3.0	1.0	1125	$1,200	$1.07	5d	1	0.18mi
2765 N 26th St Unit 2 Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	5d	1	0.18mi
2931 W Chambers St Milwaukee, WI	2.0	1.0	1400	$1,050	$0.75	24d	1	0.26mi
2809 W Clarke St Unit 12811 Milwaukee, WI	3.0	1.0	1400	$1,200	$0.86	17d	1	0.45mi
2308 W Clarke St Milwaukee, WI	4.0	2.0	1545	$1,750	$1.13	24d	1	0.46mi
3100 W Center St Milwaukee, WI	3.0	2.0	1174	$1,531	$1.30	2d	1	0.46mi
2821 W Concordia Ave Milwaukee, WI	3.0	1.5	1098	$1,595	$1.45	2d	1	0.51mi
3124 N 33rd St Milwaukee, WI	2.0	1.0	1200	$1,200	$1.00	44d	1	0.52mi
3388 N 27th St Unit 3388 Front House Milwaukee, WI	4.0	1.0	1212	$1,550	$1.28	5d	1	0.63mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	0.82mi
3148 N 39th St Milwaukee, WI	2.0	1.0	1100	$1,100	$1.00	44d	1	0.85mi
3416 N 17th St Unit 1 Milwaukee, WI	3.0	1.0	1200	$1,100	$0.92	44d	1	0.92mi
2201 N 32nd St Unit 2201 Milwaukee, WI	3.0	1.0	1100	$1,195	$1.09	17d	1	0.97mi
3122 N 42nd St Milwaukee, WI	3.0	1.0	1323	$1,495	$1.13	5d	1	1.01mi
3123 N 42nd St Milwaukee, WI	4.0	1.0	1500	$1,700	$1.13	24d	1	1.04mi
3045 N 11th St #3047 Milwaukee, WI	3.0	1.0	1065	$1,175	$1.10	5d	1	1.05mi
2403-2405 N 39th St Unit 2403 Lower Milwaukee, WI	3.0	1.0	1200	$995	$0.83	11d	1	1.06mi
2403-2405 N 39th St Unit 2405 Upper Milwaukee, WI	3.0	1.0	1141	$995	$0.87	11d	1	1.06mi
2119 W Brown St Milwaukee, WI	3.0	1.0	1754	$995	$0.57	3d	1	1.15mi
912 W Hadley St Milwaukee, WI	2.0	1.0	2222	$1,250	$0.56	15d	1	1.17mi
2713 N 44th St Milwaukee, WI	3.0	1.0	1450	$1,350	$0.93	44d	1	1.20mi
3606 N 41st St Unit 3608 Milwaukee, WI	2.0	1.0	1095	$975	$0.89	44d	1	1.21mi
3747 N 16th St Milwaukee, WI	2.0	1.0	1200	$875	$0.73	44d	1	1.21mi
2251 N 41st St Unit Lower Milwaukee, WI	3.0	1.0	1187	$1,198	$1.01	15d	1	1.25mi
2502 N 45th St Milwaukee, WI	2.0	1.0	1949	$1,050	$0.54	17d	1	1.31mi
2001 N 38th St #2003 Milwaukee, WI	3.0	1.0	1326	$950	$0.72	2d	1	1.32mi
2842 N 47th St Milwaukee, WI	2.0	1.0	1500	$1,100	$0.73	44d	1	1.32mi
3025 N 6th St Milwaukee, WI	2.0	1.0	1153	$1,125	$0.98	44d	1	1.39mi
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	2d	1	1.41mi
1639 N 33rd St Milwaukee, WI	3.0	1.0	1424	$950	$0.67	24d	1	1.44mi
2976 N 49th St Milwaukee, WI	3.0	1.0	1700	$1,300	$0.76	17d	1	1.45mi
3066 N 49th St Unit 3066-5 Milwaukee, WI	2.0	1.0	1100	$950	$0.86	44d	1	1.46mi
2613 N 48th St Unit 2 Milwaukee, WI	2.0	1.0	1150	$1,250	$1.09	24d	1	1.47mi
2841 N 49th St Milwaukee, WI	2.0	1.0	1237	$1,098	$0.89	44d	1	1.48mi

Listing history 24 events

1. 2026-06-18
   days on market $124,900 Active 28 DOM
2. 2026-06-17
   days on market $124,900 Active 27 DOM
3. 2026-06-16
   days on market $124,900 Active 26 DOM
4. 2026-06-15
   days on market $124,900 Active 25 DOM
5. 2026-06-13
   days on market $124,900 Active 23 DOM
6. 2026-06-13
   days on market $124,900 Active 22 DOM
7. 2026-06-09
   days on market $124,900 Active 19 DOM
8. 2026-06-08
   days on market $124,900 Active 18 DOM
9. 2026-06-07
   days on market $124,900 Active 17 DOM
10. 2026-06-05
    days on market $124,900 Active 14 DOM
11. 2026-06-03
    days on market $124,900 Active 13 DOM
12. 2026-06-02
    days on market $124,900 Active 12 DOM
13. 2026-06-01
    days on market $124,900 Active 11 DOM
14. 2026-05-31
    days on market $124,900 Active 10 DOM
15. 2026-05-19
    listed $124,900 Active
16. 2020-02-05
    soldstatus $46,500
17. 2020-01-31
    soldstatus $46,500 Sold 445-char remark

    Show marketing remark (445 chars)

    You'll love this spacious updated 4 bed 2 full bath affordably priced bungalow. Duplex conversion into a single family. This home features a large kitchen and formal dining room. New paint, flooring, updated baths, New water heater, and furnace. Main level offers 2 generous sized bedrooms. You'll find 2 more bedrooms upstairs and 2 bonus rooms. Large fully fenced backyard and 3 car parking completes this home. Come out and take a look today!

18. 2020-01-13
    historical Contingent 445-char remark

    Show marketing remark (445 chars)

    You'll love this spacious updated 4 bed 2 full bath affordably priced bungalow. Duplex conversion into a single family. This home features a large kitchen and formal dining room. New paint, flooring, updated baths, New water heater, and furnace. Main level offers 2 generous sized bedrooms. You'll find 2 more bedrooms upstairs and 2 bonus rooms. Large fully fenced backyard and 3 car parking completes this home. Come out and take a look today!

19. 2019-12-27
    listed $49,900 Active 445-char remark

    Show marketing remark (445 chars)

    You'll love this spacious updated 4 bed 2 full bath affordably priced bungalow. Duplex conversion into a single family. This home features a large kitchen and formal dining room. New paint, flooring, updated baths, New water heater, and furnace. Main level offers 2 generous sized bedrooms. You'll find 2 more bedrooms upstairs and 2 bonus rooms. Large fully fenced backyard and 3 car parking completes this home. Come out and take a look today!

20. 2006-04-12
    soldstatus $80,000 17-char remark

    Show marketing remark (17 chars)

    ONE PARTY LISTING

21. 2005-11-08
    soldstatus $15,000
22. 2005-05-25
    soldstatus $34,400
23. 1997-05-13
    soldstatus $17,500
24. 1996-03-01
    soldstatus $17,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $1,786 · $149/mo
• Projected year-2 tax: $2,048 · $171/mo
• Expected delta: +$262/yr (+$22/mo · 14.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,904
• − Mortgage interest: −$6,996
• − Property taxes: −$1,786
• − Insurance: −$624
• − Repairs & maintenance: −$1,192
• − Management: −$1,192
• − Depreciation: −$3,633
• Taxable loss: −$521
• Est. tax savings @ 24.0%: +$125
• After-tax cash flow: $1,629/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Milwaukee School District
• NCES district ID: 5509600
• Math proficiency: 10% ▼ -5.00%
• Reading proficiency: 18% ▬ 0.00%
• Median HH income: $36,339
• Composite: 11.61/100
• National rank: #9696
• State rank: #337 of 342 in WI

Livability — Milwaukee

• Score: 81/100
• State rank: #55
• US rank: #1534

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment D+ Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milwaukee, WI
• County: Milwaukee County · 926,379 people
• City population: 573,768
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 19,887
• Household income: $29,336
• Rent vs Own: 67.8% rent · 32.2% own
• Severe rent burden: 2061.0

Population outlook (Milwaukee County) Hauer SSP2

• Today (2025): 995,758 people
• By 2030: 1,009,124 · +1.3%
• By 2040: 1,028,128 · +3.3%
• By 2050: 1,040,066 · +4.4%
• By 2075: 1,057,849 · +6.2%
• By 2100: 1,039,774 · +4.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (91%)
• Race & ethnicity: Black 91% Two or more races 3% White 3% Hispanic / Latino 3%
• Common ancestry: Norwegian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Milwaukee

• 2024 margin: Solid D (+38.5) · D 68.3% · R 29.8% · Other 1.8%
• 2008→2024 swing: +2.7pp toward D · 2008: 35.9pp · 2024: 38.5pp
• All cycles: 2024: D+38.5 2020: D+39.9 2016: D+37.5 2012: D+34.6 2008: D+35.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 133.03%
• Current HPI: 397.7151
• Rent YoY: ▲ 8.28%
• Metro: Milwaukee-Waukesha, WI
• State GDP YoY: ▲ 2.10%
• F500 in state: 20

Industry mix (Fortune 500 HQ in WI)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$23B
▸Industrial Technology	2	$36B
▸Insurance	1	$36B
▸Professional Services	1	$19B
▸Utilities	1	$9B
▸Consumer Goods	1	$3B

Price history

+613.7% since first listed

10 events — show timeline

• 2026-05-19 Listed $124,900 METROMLS
• 2020-02-05 Sold (Public Records) $46,500 Public Records
• 2020-01-31 Sold (MLS) $46,500 METROMLS
• 2020-01-13 Contingent — METROMLS
• 2019-12-27 Listed $49,900 METROMLS
• 2006-04-12 Sold (MLS) $80,000 METROMLS
• 2005-11-08 Sold (Public Records) $15,000 Public Records
• 2005-05-25 Sold (Public Records) $34,400 Public Records
• 1997-05-13 Sold (Public Records) $17,500 Public Records
• 1996-03-01 Sold (Public Records) $17,500 Public Records

Property tax history

-0.8%/yr

Latest (2024): $1,786 · +30.8% YoY. Source: county tax records.